BRENT oil quotes are ending the trading week near the area of 79.44 dollars per barrel. There is still potential for completing the formation of the “Triangle” model. Moving averages indicate a bearish trend. Prices broke through the area between the signal lines downwards, which indicates pressure from sellers of raw materials and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a decline and a test of the support area near the level of 76.45. Then, we should consider an upward rebound and continued growth of oil to the area above the level of 95.65 dollars per barrel.
BRENT Forecast and Analysis August 19 — 23, 2024
An additional signal in favor of the growth of oil quotes this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the “Triangle” pattern. The cancellation of the growth option for BRENT oil quotes and prices in the trading week of August 19 — 23, 2024 will be a fall and a breakout of the 70.65 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the 64.50 level. With a breakout of the resistance area and closing of quotes above the 90.65 level, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
BRENT Forecast and Analysis August 19 — 23, 2024 suggests an attempt to test the support area near the 76.45 level. Where we should expect a rebound and an attempt to continue the growth of oil with a potential target at the 95.65 level. An additional signal in favor of an increase in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a fall in price and a breakout of the 70.65 area. This will indicate a breakout of the support area and a continuation of the decline in oil prices with a target below the 64.50 level.
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